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Ethiopia has secured more than 200 million USD from the export of horticultural crops in the last ten months (July 2011-April 2012).

Ethiopian Horticulture Development Agency (EHDA) Director General Haileselassie Tekie said that the country earned the hard currency from the export of 1.7 billion flower stems and 103.8 thousand tons of vegetables, fruits and herbs. More than 160 million USD was obtained from the export of flower while the balance was secured from the sale of vegetables, fruits and herbs to the global market. 

The foreign currency the country generated from the sector in the stated period has increased by 20 per cent in revenue compared to last year same period.

Ethiopia earned above 2.4 billion US dollars from export in the last ten months announced the Ministry of Trade.

The revenue was raised through the export of agricultural and manufactured products exported to 127 countries according to Amakele Yimam, Director of the Corporate Communication Directorate of the MoT.

The export products from Ethiopia include, coffee, oilseeds, pulses, spices, Khat, gold, flowers, live animals, natural gum, wax, incense, textiles, garments, leather and leather products said Amakele.

Hyatt Palm Oil returned to the Ethiopian market this month after the government added the manufacturer FELDA iFFCO to the list of authorized oil suppliers to Ethiopia.

Hayatt had been out of the Ethiopian market for almost a year said Yeshi Kernessa, Manager of the Ethiopian Market from the manufacturers’ East Africa Regional Commercial Representative Office. Hayatt had discontinued supplying the oil after a disagreement on pricing following the Ethiopian government’s takeover as the sole supplier of Palm oil nationally.

Ethiopia is a large market and the company is happy to supply its product here according to Yeshi.

The Chief Executive Officer of the Ethiopia Commodity Exchange, Eleni Z. Gabremadhin (Dr.) signed a Memorandum of Understanding with the Nigerian President Goodluck Johnathan to set up a commodity exchange in Nigeria according to the model of the ECX.

The MoU signed at the ECX office states that the Exchange will provide the assistance and the model for the Nigerian Commodity Exchange to be operational in one year.   

Nigeria already has a commodity and stock exchange markets in place although the commodity exchange is not as modern as the ECX. The Nigerian President is seeking to replace the Abuja Securities and Commodity Exchange plc with an Exchange that is driven by technology.